Vaibhav, stepbrother of cricketers Hardik and Krunal Pandya, was arrested for allegedly defrauding them of Rs 4 crore in business investments, he told reporters on Friday Mumbai court, the entire incident was a family matter and just a misunderstanding. Vaibhav Pandya (37) made submissions through his lawyer during the remand hearing. His police custody was extended until April 16. He was detained by the Economic Offenses Wing (EOW) of Mumbai Police on Monday on charges of criminal breach of trust, criminal intimidation, criminal conspiracy, forgery and other related charges.

He was produced before Additional Chief Metropolitan Magistrate (Marina Court) LS Padhen on Friday after his initial police remand ended.

During the hearing, Vaibhav’s lawyer Niranjan Mundargi told the court, “This is a family matter and the case was registered due to misunderstanding”, adding that efforts are on to resolve the issue.

Mundagi further said his client was cooperating with investigations and had no objection to police seeking an extension to his remand. The EOW has sought further remand for seven days, claiming that the investigation is yet to be completed and vital information is yet to be recovered from the accused.

The magistrate, after hearing statements from both parties, noted that the investigation agency’s investigation had made progress but that more time was needed to interrogate the accused as the case involved multiple financial issues.

According to police, Vaibhav, Hardik and Krunal formed a partnership in Mumbai in 2021 for a polymer business. Hardik and Krunal invested 40% of the capital each while Vaibhav invested 20% and the profit loss was fixed in 2 companies of the same company. :2:1 ratio.

According to police, Vaibhav decided to take charge of the day-to-day running of the business, but he allegedly set up another company for the same business without informing Hardik and Krunal, a process that violated partnership rules .

Due to this development, the original company’s profits fell, resulting in a loss of Rs 3 crore to Hardik and Krunal, while Vaibhav’s own profits increased by 20-33%.

The accused also allegedly transferred around Rs 1 crore from the company to his own account, resulting in a total loss of Rs 4 crore to the cricketer siblings, police said.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)